It can be comforting to have an account with one of the big banks. But doing business with big banks can often mean high fees or other issues, and you may find it difficult to solve them without visiting a branch in person – and this can take time.
If you made up your mind, and you’re looking for something else, we’ll show you how to close your Bank of America account.
Looking for an alternative? Give a try to Wise. With a Wise Multi-currency Account, you can hold more than 55 currencies and send money overseas using the mid-market rate plus a small fee. No high wire fees, no markup rates – it’s all transparent. And it takes just a couple of minutes to get a free account.
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Closing a Bank of America checking or savings account is a relatively simple and straightforward process, but there are some things to take care of before closing the account.
Remember you must have a zero or positive bank account balance to close the account. If there’s a negative balance or the account is overdrawn, they will not let you close it until it’s zeroed out.
Before closing the account, it’s important to notify or update payment information on any auto drafts you have set up on your current account like utility payments, car payments, etc. This another area where having a new account set up comes in handy. Also, be sure to notify your employer of the new account number if you receive an auto deposit on your salary.
Next, login to your account on the Bank of America website and download all your monthly statements from the accounts. It’s very useful to have a record of the accounts if you need them in the future because obtaining closed account statements can be a hassle.
When closing any bank account, be sure to have a new or back-up account opened with an alternate financial institution. If your intention is to open a new bank account elsewhere, do it before closing the Bank of America account. It’s very helpful in the closing process because you can simply transfer the funds to another account. The other options are to withdraw cash or request a cashier’s check.
|With a Wise account, you could transfer money anywhere in the world with low, transparent fees and save up to 7x. Plus, you can manage your funds online from anywhere in the world – there’s no need to visit a bank branch. It takes only a few minutes to open a Wise account – and it’s free!|
With your balance in good standing, auto drafts and payments updated, and your statements downloaded, you can now close the account. Currently, these are the available account closure options:
Go to a local Bank of America financial center and speak with a banker. They can close the account on the spot.
Call Bank of America’s customer service line at 800-432-1000. Input your account information and follow the instructions to speak with a banker.
Submit a written request to Bank of America with the signatures of all account owners and balance forwarding information to: Bank of America FL1-300-01-29, PO Box 25118 Tampa, FL 33622-5118.
It’s free to close a Bank of America account.
Again, your account cannot have any outstanding balances or unpaid subscription fees and be sure to follow the steps listed in the section above.
It’s not possible to close your Bank of America accounts online.
If you’re someone who likes to do everything from home, this is a key factor to consider before opening an account with Bank of America. So how about an alternative where opening your account online is possible? Give a try to Wise today.
This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.
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